Kasikornbank introduced seamless payment innovation through Pay with K Plus.
Singapore, 3 June 2021 -Kasikornbank was recognised as the Best Merchant Service at The Asian Banker International Excellence in Retail Financial Services Awards 2021.
Kasikornbank, Yuanta Bank, BIDV, and GCash (Mynt) were the finalists in the Best Merchant Service award. Kasikornbank scored highest in digital and innovation, and in market strength among its peers.
Digital and Innovation: Kasikornbank collaborated with Facebook to provide seamless app-switch payment solution for merchants
Kasikornbank has long been striving to provide seamless app-switch payment solution for merchants since 2018 by collaborating with Facebook, so far the largest social commerce platform in Thailand, and launching the first of its kind “Pay with K Plus”. To support Thai restaurants during the pandemic, the bank further collaborated with Starvingtime, the biggest food reviewer page with 4.8 million followers on Facebook. Together with its seamless payment solution, the bank provided free-of-charge presence and promotion, while most of the other platforms may charge up to 35% of the sales revenue. Such initiative alone helped the bank acquire and educate up to 5000 merchants with positive feedback.
Market and Merchants: Kasikornbank is top choice for online merchants and buyers
Kasikornbank is the top choice for both online merchants and buyers with 55% and 53% market share, respectively. The bank partnered with Facebook that has been looking for a strategic partner with local presence to compete with Shopee and Lazada in the e-commerce field. In 2020, the bank acquired more than 100,000 online merchants to use Facebook Pay with some basic service as a start, the penetration rate of which has been nearly 50%.
Technology, Processes and Operations: The openness and superb user experience set Kasikornbank apart from other incumbents in the region
The openness and superb user experience set Kasikornbank apart from other incumbents in the region such as BIDV from Vietnam and Yuanta Bank from Taiwan. The end-to-end payment solution can support bank card issued by Kasikornbank and other banks, while BIDV required to only use its bank app to accomplish payment. Although Yuanta bank’s solution does not require any bounding of bank app or card to accomplish the payment, the number of merchants is not comparable with that of Kasikornbank.
For the bank, buyer can choose from bank card, bank transfer or QR code payment freely and buyer and seller can close the transaction without leaving one app to another anymore with high security. With all these features, the bank does not charge any hidden cost for sellers like Shopee and Lazada do. Kasikornbank has also set up a dedicated team to work and design the ultimate payment and merchant service that includes but is not limited to consumer market research, customer experience design considering best UXUI ever, and merchant acquisition and activation.
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information, you may get in touch with:
Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145